Los Angeles Business Journal

Hollywood: Rising Rents Expected to Stick Around After More Space Opens

REAL ESTATE QUARTERLY By Bethany Firnhaber Monday, July 22, 2013

– Bethany Firnhaber

Main Events

Thompson National Properties of Irvine sold the former Eastman Kodak Co. campus to a joint venture between Dallas developer Lincoln Property Co. and GEM Realty Capital Inc. in Chicago for $24.7 million. Developers plan to spend about $5 million to renovate the two Class B office buildings at Santa Monica Boulevard and Las Palmas Avenue.

CIM Group Inc. sold the Sunset Vine Tower, a 20-story luxury apartment building at 1408 Vine St., to an unidentified buyer. The Hollywood real estate developer, which owns Hollywood & Highland Center, redeveloped the former 1960s-era office building after it was damaged in a 2001 fire.

CIM Group Inc., Hollywood’s largest landlord, sold 6904-6912 Hollywood Blvd. to ASB Real Estate Investments in Palo Alto for $36 million. Spanish fashion retailer Zara currently occupies ground-floor retail space in the 45,000-square-foot office building.

CIM Group Inc. sold a 42-unit multifamily apartment building to Steven Hakim of Shemiran Co. for $17.6 million in cash. The 7046 Hollywood Blvd. building, built in 1925, leased space on the eighth floor to the Screen Actors Guild in the 1940s and early 1950s, when Ronald Reagan was president of the labor union.

Brussels production company Caviar Content signed a 10-year lease for 17,000 square feet of raw, unfinished office space on two levels at 6320 Sunset Blvd. The deal is valued at more than $6 million. Caviar will move into the former Wells Fargo Bank building later this year after completing construction on the space.

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